Docking Cost Of PMS Increased s To Over N249
The theatre landing cost of Premium Motor Spirit PMS otherwise known as petrol imported into the country has risen to a new high of two hundred and forty-nine naira forty-two kobo per litre on the back of high global crude oil tariffs.
The further rise in the landing cost of petrol means increased subsidy as the pump price of the product remains steady at one hundred and sixty two naira to one hundred and sixty five naira per litre.
Petrol subsidy, which was removed in March 2020, resurfaced earlier this year as government has left the pump price of the product unchanged since December despite the increase in global oil prices.
The Nigerian National Petroleum Corporation, which has been the sole importer of petrol into the country in recent years, has been bearing the subsidy cost since it resurfaced.
While marketers have continued to stress the need to allow market forces determine the pump price of petrol and do away with subsidy, it remains uncertain whether the discussions between the Federal Government and labour unions will lead to the deregulation of petrol price.
An analysis of data collated showed that the landing cost of petrol rose to two hundred and forty-nine naira forty-two kobo per litre on July thirtieth from two hundred and forty naira seventeen kobo per litre as of June twenty fifth.
